ETFs See $7.9B Outflows

April 25, 2022

U.S.-listed ETFs continued to lose assets during the week ending April 22 with a net outflow of $7.9 billion, driven primarily by $17.2 billion in outflows from key S&P 500 funds from Vanguard and BlackRock. 

The U.S. ETF industry had a net gain of $179.5 billion year-to-date as of last Friday and held a total of $6.8 trillion in assets under management. 

Flows For S&P 500 Funds Split 

The mix of head winds against the global economy led to a 2.73% drop in the S&P 500 in the week, sending the three largest ETFs in the U.S. markets in different flow directions. 
The SPDR S&P 500 ETF Trust (SPY) led all ETFs, with $1.8 billion in inflows, showing a slight uptick in its use as a trading tool. The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) saw an extreme amount of redemptions, at $9.5 billion and $7.7 billion, respectively, amounting to AUM reductions of 3.5% and 2.5%. 

However, it’s unclear if the outflows are a change in sentiment or part of a short-term tax strategy. VOO has added $13.6 billion in net flows year-to-date, fitting with Vanguard’s strategy of consistently investing in indexes, while IVV has net inflows of $2.17 billion. 

The iShares S&P 500 Growth ETF (IVW) also lost just over $1 billion, and the SPDR Portfolio S&P 500 Value ETF (SPYV) lost $637.6 million as a risk-off attitude in broad large cap equities took hold. 

Dividends Gain 

Several dividend-focused ETFs made the top 10 inflows list for the period, with the iShares Core High Dividend ETF (HDV) adding $452 million, the JPMorgan Equity Premium Income ETF (JEPI) taking in $371 million and the Schwab U.S. Dividend Equity ETF (SCHD) adding $341 million. 

Quality Corporate Debt, Tax-Free Bonds Advance 

On the fixed income side, investors largely jumped into investment-grade corporate debt as the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) added $1.2 billion. That was likely fueled in part by fears of a broader economic slowdown, combined with a $720 million outflow from the SPDR Bloomberg High Yield Bond ETF (JNK)

There were also plays into the safety of government debt. The Vanguard Tax-Exempt Bond ETF (VTEB) added $489.5 million, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added $371.1 million. 

 
For a full list of last week’s top inflows and outflows, see the tables below: 

 

Top 10 Creations (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
SPY SPDR S&P 500 ETF Trust 1,828.99 396,672.57 0.46%
LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 1,204.00 32,983.24 3.65%
FV First Trust Dorsey Wright Focus 5 ETF 596.69 3,458.01 17.26%
VTEB Vanguard Tax-Exempt Bond ETF 489.47 14,911.33 3.28%
HDV iShares Core High Dividend ETF 452.18 10,250.70 4.41%
XRT SPDR S&P Retail ETF 436.84 801.49 54.50%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF 402.22 14,968.95 2.69%
JEPI JPMorgan Equity Premium Income ETF 371.11 8,822.00 4.21%
XLU Utilities Select Sector SPDR Fund 346.41 15,639.36 2.22%
SCHD Schwab U.S. Dividend Equity ETF 341.07 35,605.58 0.96%

 

Top 10 Redemptions (All ETFs)

Ticker Name Net Flows ($,mm) AUM ($, mm) AUM % Change
VOO Vanguard 500 Index Fund -9,511.78 271,545.22 -3.50%
IVV iShares Core S&P 500 ETF -7,773.26 311,018.68 -2.50%
XLF Financial Select Sector SPDR Fund -1,180.59 40,313.32 -2.93%
IVW iShares S&P 500 Growth ETF -1,052.38 33,261.03 -3.16%
BBEU JPMorgan BetaBuilders Europe ETF -809.55 10,250.31 -7.90%
JNK SPDR Bloomberg High Yield Bond ETF -719.87 6,008.34 -11.98%
IWF iShares Russell 1000 Growth ETF -690.56 65,262.84 -1.06%
SPYV SPDR Portfolio S&P 500 Value ETF -637.64 14,123.28 -4.51%
SMH VanEck Semiconductor ETF -375.09 8,063.80 -4.65%
FXD First Trust Consumer Discretionary AlphaDEX Fund -352.40 1,125.00 -31.32%

 

ETF Weekly Flows By Asset Class

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity -13,678.15 4,122,385.64 -0.33%
International Equity 639.34 1,235,273.98 0.05%
U.S. Fixed Income 3,282.00 1,041,096.86 0.32%
International Fixed Income 231.47 155,350.50 0.15%
Commodities 1,192.95 174,683.05 0.68%
Currency 88.52 3,759.28 2.35%
Leveraged 488.69 62,260.58 0.78%
Inverse -116.80 17,261.49 -0.68%
Asset Allocation -73.79 18,636.52 -0.40%
Alternatives 56.54 7,411.23 0.76%
Total: -7,889.23 6,838,119.13 -0.12%

 

Asset Classes (Year-to-Date)

  Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 65,431.66 4,122,385.64 1.59%
International Equity 54,564.40 1,235,273.98 4.42%
U.S. Fixed Income 14,310.60 1,041,096.86 1.37%
International Fixed Income 8,325.80 155,350.50 5.36%
Commodities 21,788.24 174,683.05 12.47%
Currency 699.10 3,759.28 18.60%
Leveraged 9,430.53 62,260.58 15.15%
Inverse 3,916.03 17,261.49 22.69%
Asset Allocation 625.70 18,636.52 3.36%
Alternatives 410.55 7,411.23 5.54%
Total: 179,502.61 6,838,119.13 2.63%

 

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Ticker Name Weekly Performance Weekly Volume AUM ($, mm)
GRN iPath Series B Carbon ETN 9.37% 255,151 92.64
KEUA KraneShares European Carbon Allowance Strategy ETF 8.53% 55,242 138.51
KRBN KraneShares Global Carbon Strategy ETF 6.19% 1,085,328 1,445.52
JETS U.S. Global Jets ETF 6.00% 34,810,892 3,627.72
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 5.79% 3,648 10.87
HAUS The Home Appreciation U.S. REIT ETF 4.53% 12,429 2.20
VAMO Cambria Value and Momentum ETF 4.48% 38,821 30.39
RESI Kelly Residential & Apartment Real Estate ETF 4.40% 1,974 1.50
NURE Nuveen Short-Term REIT ETF 3.96% 152,216 149.45
XTN SPDR S&P Transportation ETF 3.94% 263,612 828.97

 

Top 10 YTD Performers

Ticker Name YTD Performance Weekly Performance AUM ($, mm)
UNG United States Natural Gas Fund LP 93.76% -10.80% 423.70
GAZ iPath Series B Bloomberg Natural Gas Subindex Total Return ETN 93.55% -11.10% 31.21
UNL United States 12 Month Natural Gas Fund LP 86.17% -11.19% 40.57
JJE iPath Series B Bloomberg Energy Subindex Total Return ETN 63.14% -5.55% 7.24
JJN iPath Series B Bloomberg Nickel Subindex Total Return ETN 62.99% -0.82% 62.21
RJN Elements Rogers International Commodity Index-Energy TR ETN 57.20% -5.03% 12.38
OIH VanEck Oil Services ETF 55.22% -6.99% 4,089.68
XES SPDR S&P Oil & Gas Equipment & Services ETF 54.84% -7.23% 372.53
IEZ iShares U.S. Oil Equipment & Services ETF 51.95% -6.63% 377.20
PXE Invesco Dynamic Energy Exploration & Production ETF 51.47% -4.40% 285.92

 

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

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